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The State Board of Accounts performs annual audits of the financial statements of each of Indiana's seven state-supported institutions of higher education.
Each university publishes an annual financial report that includes the State Board of Accounts' opinion on the financial statements of that university.
Statement No. 14 of the Governmental Accounting Standards Board (GASB) effective for financial statements for periods beginning after December 15, 1992, mandated the inclusion of each of Indiana's state supported universities as discrete component units in the annual financial report of the State of Indiana. The combined efforts of staff members in each university and field examiners of the State Board of Accounts make it possible to gather the required audited information in a timely manner for inclusion in the State of Indiana's Comprehensive Annual Financial Report (CAFR).
In addition to the audit of the university financial statements, the State Board of Accounts also performs the audit of federal awards received by each. These audits are conducted in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. By performing these audits in accordance with OMB Circular A-133, separate audits of the grants from the federal agencies are not required.
Other auditing services are provided to the universities as they are requested. For example, the State Board of Accounts completes the audit requirements of the National Collegiate Athletic Association (NCAA) for two of the State's seven universities. We also accomplish the audit requirements of the Corporation for Public Broadcasting for two of the universities that have radio and/or television stations. If instances of potentially fraudulent acts of a financial nature occur, the State Board of Accounts investigates and issues a supplemental report when necessary. Other auditing and reporting requests are considered on a case-by-case basis.